Property Deed

[022301]

In Iowa - a person has a property deed owned by brother & sister. Deed states "Brother Name" and "Sister Name" as owner.
The property was purchased together with one loan, deed states both names as owner; undivided one half interest; prop taxes & profit split equally. The deed does not state JT - what happens when one owner dies? Does the other owner get that share? If not, who or what determines where the split of the property is, if it states "undivided - one half interest"? How do you know which half (location) is whos? Thanks

 

[loku]

If each of them owns an undivided one half interest, they are “tenants in common.” When one owner dies, that person’s interest in the property goes to that person’s estate, and would be distributed according to the deceased’s will or the state intestacy statutes.

Each owner does not own a specific half of the property. Each owner owns one half of the value of the property and each has an equal rights to use, profits, and management.

If they would want to have the surviving owner get the property at the death of the other, they would have to put it in their wills or change the deed to a deed in joint property. The deed should be termed something like: X and Y as joint tenants with the right of survivorship.

 

[022301]

Thank you for your response.

So, do you know how to determine the split? Who determines whose "half" is whose if one party dies? If you would have to sell that "half" of the land, how do you determine "what half" or "location of the half"?